Media: Paxful CEO unilaterally closed the platform, the two founders competed for control or the reason for the platform closure

The two co-founders of bitcoin P2P marketplace Paxful, Artur Schaback and Mohamad (Ray) Youssef, are suing each other over control of the company and have filed multiple allegations against each other, according to court documents, Cointelegraph reported. The allegations include misappropriation of company funds, money laundering and evasion of U.S. sanctions against Russia, among others. Artur Schaback, who served as Paxful's COO until February 2022, was barred from running the company due to disagreements with Paxful CEO Youssef over market development and operations, including "increasing spending to undisclosed entities." legality” conflict. According to Artur Schaback in the lawsuit, a large amount of Paxful’s bitcoin was transferred to a Turkish entity called “EMiR,” which he claimed was not a legitimate software company. Schaback said, “Youssef unilaterally shut down Paxful on April 4th. Youssef’s actions were designed to remove me and other shareholders from his plans.”